n1786b
Posts: 384
Joined: Tue Sep 27, 2005 6:10 am

French Govt Deal For AF To Bail Out Alitalia?

Fri Aug 18, 2006 6:29 pm

In this morning's Le Parisien, there was an article about Air France and Suez.
Here is an extract of the wire report:

PARIS (AFX) - Under a secret deal being drawn up by the French government, Air France-KLM may bail out struggling Italian flag carrier Alitalia Spa in return for a pledge (from the Italian government and Enel) that Enel will drop its ambitions concerning Suez, Le Parisien reported.
...
Suez is in the process of merging with state-owned French utility Gaz de France, but the government-sponsored deal, aimed at blocking a takeover of Suez by Enel, is under serious threat because of opposition to the merger among GDF staff, Suez shareholders and deputies from all parties.

END

- n1786b
 
Ikarus2006
Posts: 114
Joined: Thu Apr 13, 2006 4:10 pm

RE: French Govt Deal For AF To Bail Out Alitalia?

Fri Aug 18, 2006 6:50 pm

Since the new government of Prodi took over the "colourful" Berlusconi one , there has been voices (reported for instance by "Corriere della Sera" a couple of months ago) of possible changes in the top management of Alitalia in order to make it easier for the Air France/KLM group to take action.

If this other news regarding a secret deal is true, it could be just another element indicating that something is really about to change for bleeding Alitalia.
I do sincerely wish something positive will happen before the airline has to be taken into ER.

 pray 
 
EddieDude
Posts: 6394
Joined: Fri Nov 14, 2003 10:19 am

RE: French Govt Deal For AF To Bail Out Alitalia?

Sat Aug 19, 2006 1:44 am

If it is indeed true, the fact that the whole transaction is going to be facilitated in exchange for Enel's dropping its intentions to acquire Suez to clear de way for a Suez-EDF merger is a bit disgusting. While the "national-champions" concept is an interesting one and I am not necessarily against it, European governments should be more concerned of the possible takeovers of European companies by U.S. or Asian ones (like the Mittal-Arcelor deal), rather than Franch-Italian, German-Spanish, etc. mergers. The E.On-Endesa, BAA-Ferrovial and other sagas are good examples.

Back to the topic, I sincerely hope that AZ can, whether through a merger with AF or otherwise, become a profitable carrier and expand its routes.
Upcoming S4 0221 LIS-PDL A310-300!!!
 
jwenting
Posts: 9973
Joined: Mon Apr 23, 2001 10:12 pm

RE: French Govt Deal For AF To Bail Out Alitalia?

Sat Aug 19, 2006 1:53 am

Hmm, where are the people who always claim that AF is not a French government operation now?
Here's a supposed private company being used as an asset in national economic policy, using government funds to achieve a government goal.
I wish I were flying
 
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breiz
Posts: 1426
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RE: French Govt Deal For AF To Bail Out Alitalia?

Sat Aug 19, 2006 2:22 am

Quoting EddieDude (Reply 2):
European governments should be more concerned of the possible takeovers of European companies by U.S. or Asian ones (like the Mittal-Arcelor deal),

Mittal is formally Dutch  Smile
 
steve6666
Posts: 481
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RE: French Govt Deal For AF To Bail Out Alitalia?

Sat Aug 19, 2006 6:13 am

I would have thought the European Competition Authorities, not to mention, for example Lufthansa or Iberia would have quite a lot to say about that.
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curlyheadboy
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RE: French Govt Deal For AF To Bail Out Alitalia?

Sat Aug 19, 2006 6:26 am

Quoting EddieDude (Reply 2):
the fact that the whole transaction is going to be facilitated in exchange for Enel's dropping its intentions to acquire Suez to clear de way for a Suez-EDF merger is a bit disgusting.

Well... i don't know if I'd call it disgusting but, from an Italian's point of view, dropping Enel's acquiring of Suez just for selling a piece of junk like AZ, doesn't look as a great deal...  scratchchin 
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LTU932
Posts: 13153
Joined: Fri Jan 06, 2006 12:34 am

RE: French Govt Deal For AF To Bail Out Alitalia?

Sat Aug 19, 2006 8:22 am

And why would Air France-KLM, a private French-Dutch holding company, try to bail out Alitalia S.p.A. out of political reasons? The EU will be all over them if they do.
Sometimes the only thing more dangerous than a question is an answer. - Ferengi Rule of Acquisition 208
 
jwenting
Posts: 9973
Joined: Mon Apr 23, 2001 10:12 pm

RE: French Govt Deal For AF To Bail Out Alitalia?

Sat Aug 19, 2006 2:13 pm

Quoting Steve6666 (Reply 5):
I would have thought the European Competition Authorities, not to mention, for example Lufthansa or Iberia would have quite a lot to say about that.

Because that organisation is completely controlled by French government employees at every level.

Quoting LTU932 (Reply 7):
And why would Air France-KLM, a private French-Dutch holding company, try to bail out Alitalia S.p.A. out of political reasons? The EU will be all over them if they do.

Just goes to show it's NOT in fact a private enterprise but a French government operation.
The shareholders may appear to be private companies but are in fact French stateowned corporations and fronts.
I wish I were flying
 
art
Posts: 2729
Joined: Tue Feb 08, 2005 11:46 am

RE: French Govt Deal For AF To Bail Out Alitalia?

Sat Aug 19, 2006 4:39 pm

Quoting N1786b (Thread starter):
Under a secret deal being drawn up by the French government, Air France-KLM may bail out struggling Italian flag carrier Alitalia Spa in return for a pledge (from the Italian government and Enel) that Enel will drop its ambitions concerning Suez, Le Parisien reported.

Stupid, stupid, stupid...

It is not the job of EU governments to interfere with the market by proxy in this way.

The Italian government should stop trying to find ways around the rules that forbid it subsidising Alitalia. Alitalia has been subsidised for many years but has not restructured so that future subsidies would not be needed.

The French government should stop trying to prevent French companies falling into foreign ownership. If the investors in a company approve its sale to another entity, so be it. The investors own the company, not the government.
 
YULMRS
Posts: 172
Joined: Wed Mar 16, 2005 8:10 am

RE: French Govt Deal For AF To Bail Out Alitalia?

Sat Aug 19, 2006 5:18 pm

Quoting EddieDude (Reply 2):
If it is indeed true, the fact that the whole transaction is going to be facilitated in exchange for Enel's dropping its intentions to acquire Suez to clear de way for a Suez-EDF merger is a bit disgusting. While the "national-champions" concept is an interesting one and I am not necessarily against it, European governments should be more concerned of the possible takeovers of European companies by U.S. or Asian ones (like the Mittal-Arcelor deal), rather than Franch-Italian, German-Spanish, etc. mergers. The E.On-Endesa, BAA-Ferrovial and other sagas are good examples.

You're right on that point, building national champions is a too small concept, an european champion looks better, and AF-KLM-AZ or Suez-Enel (may be Suez-Enel-GDF, but that's off topic) could be good projects,

Quoting Jwenting (Reply 3):
Hmm, where are the people who always claim that AF is not a French government operation now?
Here's a supposed private company being used as an asset in national economic policy, using government funds to achieve a government goal.

The french state owns 18.6 % of AF-KLM and is still the most important shareholder, so, yes AF is partially a French government operation ...

Quoting Steve6666 (Reply 5):
I would have thought the European Competition Authorities, not to mention, for example Lufthansa or Iberia would have quite a lot to say about that.

There's already no competition between Alitalia and AF-KLM as these carriers are members of skyteam.
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art
Posts: 2729
Joined: Tue Feb 08, 2005 11:46 am

RE: French Govt Deal For AF To Bail Out Alitalia?

Sat Aug 19, 2006 6:35 pm

Quoting YULMRS (Reply 10):
The french state owns 18.6 % of AF-KLM

As a minority shareholder, the French state has no mandate to take over the management of AF-KLM.

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